-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Wr4U0hY+dPKDFd40U538MQMZr53g2bhtkCwj24hy3AsYtgAPXbJVppDcamJoTr3R o0o8SkjYDUrrOFun3laz7g== 0000935069-08-001203.txt : 20080523 0000935069-08-001203.hdr.sgml : 20080523 20080523132802 ACCESSION NUMBER: 0000935069-08-001203 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080523 DATE AS OF CHANGE: 20080523 EFFECTIVENESS DATE: 20080523 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTENNIAL NEW YORK TAX EXEMPT TRUST CENTRAL INDEX KEY: 0000837278 IRS NUMBER: 133481209 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05584 FILM NUMBER: 08857443 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: 3RD FLOOR CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER NEW YORK TAX EXEMPT CASH RESERVES DATE OF NAME CHANGE: 19900530 0000837278 S000008465 CENTENNIAL NEW YORK TAX EXEMPT TRUST C000023199 A N-Q 1 rq780_46608nq.txt RQ780_46608NQ.TXT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-5584 -------- Centennial New York Tax Exempt Trust ------------------------------------ (Exact name of registrant as specified in charter) 6803 South Tucson Way, Centennial, Colorado 80112-3924 ------------------------------------------------------ (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. Two World Financial Center, New York, New York 10281-1008 --------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 -------------- Date of fiscal year end: June 30 ------- Date of reporting period: 03/31/2008 ---------- ITEM 1. SCHEDULE OF INVESTMENTS. Centennial New York Tax Exempt Trust STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS -- 97.7% - ------------------------------------------------------------------------------------------- NEW YORK -- 97.7% Auburn, NY IDAU RB, Goulds Pumps, Inc. Project, Series 1989, 3.55% 1 $ 875,000 $ 875,000 - ------------------------------------------------------------------------------------------- Buffalo, NY Fiscal Stability Authority Sales Tax & State Aid RRB, Series 2005B, 5%, 9/1/08 500,000 503,317 - ------------------------------------------------------------------------------------------- Chautauqua Cnty., NY IDA IDV RB, Red Wing Co., Inc. Project, 2.45% 1,2 5,600,000 5,600,000 - ------------------------------------------------------------------------------------------- Chenango Cnty., NY IDA Civic Facilities RB, Grace View Manor Nursing Project, 2.25% 1 795,000 795,000 - ------------------------------------------------------------------------------------------- Erie Cnty., NY IDA Civic Facilities RB, Buffalo Canisius High School, 2.26% 1 5,600,000 5,600,000 - ------------------------------------------------------------------------------------------- Erie Cnty., NY IDA School Facilities RB, City SDI of Buffalo Project, Series A, 5%, 5/1/08 135,000 135,137 - ------------------------------------------------------------------------------------------- New Rochelle, NY IDA MH RB, Reset Option Certificates II-R Trust-Series 10252CE, 2.37% 1,2 800,000 800,000 - ------------------------------------------------------------------------------------------- New Rochelle, NY Municipal HAU MH Mtg. RB, Sound Shore Medical Center Apts., Series A, 2.01% 1 400,000 400,000 - ------------------------------------------------------------------------------------------- NY MTAU RB, AAMC Series 2007-55, 2.22% 1,2 1,500,000 1,500,000 - ------------------------------------------------------------------------------------------- NY REF GOUN, P-Floats Series PT-3822, 2.20% 1,2 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------- NY TBTAU RB, Reset Option Certificates II-R Trust-Series 12167, 2.29% 1,2 1,425,000 1,425,000 - ------------------------------------------------------------------------------------------- NYC FAU RRB, P-Floats Series PT-3992, 2.20% 1,2 1,000,000 1,000,000 - ------------------------------------------------------------------------------------------- NYC GOUN, P-Floats Series PT-3823, 2.20%, 8/1/08 2,3 2,660,000 2,660,000 - ------------------------------------------------------------------------------------------- NYC HDC MH RB, 201 Pearl LLC, Series A, 1.92% 1 1,700,000 1,700,000 - ------------------------------------------------------------------------------------------- NYC IDA Civic Facilities RB, Casa Project, 2.25% 1 3,600,000 3,600,000 - ------------------------------------------------------------------------------------------- NYC IDA Civic Facilities RB, French Institute Alliance Project, Series 2005, 2.29% 1 1,950,000 1,950,000 - ------------------------------------------------------------------------------------------- NYC IDA IDV RB, Abigail Press, Inc. Project, Series 2002, 3.60% 1 582,100 582,100 - ------------------------------------------------------------------------------------------- NYC Municipal FAU WSS RB, PTTR, Series 1289, 2.29% 1,2 485,000 485,000 - ------------------------------------------------------------------------------------------- NYC TFA Building Aid RB, ETET Series 20060145, Cl. A, 2.27% 1,2 2,300,000 2,300,000 - ------------------------------------------------------------------------------------------- NYC TFA Future Tax Secured RB, Series 1989C, 5%, 4/1/08 380,000 384,715 - ------------------------------------------------------------------------------------------- NYC TFA Future Tax Secured RB, Series 2001C, 5.50%, 2/1/09 750,000 769,103 - ------------------------------------------------------------------------------------------- NYC TFA Future Tax Secured RRB, Series 2005A-1, 5%, 11/1/08 1,005,000 1,014,675 - ------------------------------------------------------------------------------------------- NYC Trust for Cultural Resource RB, Soloman R. Guggenheim, Series B, 2.05% 1 520,000 520,000 - ------------------------------------------------------------------------------------------- NYS DA CUNY Student Housing RB, SPEARS Deutsche Bank/Lifers Trust-Series DBE-542, 2.26% 1,2 935,000 935,000 - ------------------------------------------------------------------------------------------- NYS DA RB, Eclipse Funding Trust Solar Eclipse Certificates-Series 2005-0005, 3.79%, 9/15/08 2,3 1,500,000 1,500,000 - ------------------------------------------------------------------------------------------- NYS DA RB, Mental Health Services, Subseries D-2E, 1.90% 1 800,000 800,000 - ------------------------------------------------------------------------------------------- NYS DA RB, Mental Health Services, Subseries D-2H, 1.90% 1 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------- NYS DA RRB, P-Floats Series PT-3639, 3.46%, 7/1/08 3,4 1,000,000 1,000,000 - ------------------------------------------------------------------------------------------- NYS GOUN, Series B, 2.80% 1 1,500,000 1,500,000 - -------------------------------------------------------------------------------------------
1 | CENTENNIAL NEW YORK TAX EXEMPT TRUST Centennial New York Tax Exempt Trust STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------- NEW YORK CONTINUED - ------------------------------------------------------------------------------------------- NYS HFA RB, Avalon Bowery Place II, Series A, 2.28% 1 $ 2,500,000 $ 2,500,000 - ------------------------------------------------------------------------------------------- NYS HFA RB, Tribeca Pointe LLC, 2.10% 1,5 3,700,000 3,700,000 - ------------------------------------------------------------------------------------------- NYS REF GOUN, Series 1996A, 6%, 7/15/08 500,000 503,744 - ------------------------------------------------------------------------------------------- NYS TWY Bridge Service Contract RRB, 4%, 4/1/09 1,000,000 1,022,339 - ------------------------------------------------------------------------------------------- NYS UDC COP, Reset Option Certificates II-R Trust-Series 10011CE, 2.28% 1,2 600,000 600,000 - ------------------------------------------------------------------------------------------- NYS UDC RB, Correctional Facility Services, Series B, 5%, 4/1/08 2,000,000 2,066,208 - ------------------------------------------------------------------------------------------- NYS UDC RB, Reset Option Certificates II-R Trust-Series 1094, 2.23% 1,2 1,400,000 1,400,000 - ------------------------------------------------------------------------------------------- NYS UDC RB, UBS Municipal Custodial Residual & Variable Securities, Series 2007-1037, 2.24% 1,2 1,300,000 1,300,000 - ------------------------------------------------------------------------------------------- Ontario Cnty., NY IDA IDV RB, Seneca Foods Corp. Project, Series 2002, 2.46% 1 5,185,000 5,185,000 - ------------------------------------------------------------------------------------------- Port Jervis, NY IDA RB, The Future Home Tech, Inc., Series 1999, 2.40% 1 855,000 855,000 - ------------------------------------------------------------------------------------------- Seneca Cnty., NY IDA SWD RB, MACON Trust Series 2006W, 2.29% 1,2 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------- Southeast NY IDA IDV RB, Unilock NY, Inc. Project, Series 1997, 3.55% 1 1,200,000 1,200,000 - ------------------------------------------------------------------------------------------- St. Lawrence Cnty., NY IDV Civic Facilities RB, United Helpers Independent Living Corp., 2.05% 1 750,000 750,000 - ------------------------------------------------------------------------------------------- Tompkins Cnty., NY IDA RB, Care Community Kendal at Ithaca, Inc., 2.02% 1 635,000 635,000 - ------------------------------------------------------------------------------------------- Vestal, NY Central SDI GOUN, Series 2007, 4.125%, 6/15/08 245,000 245,197 - ------------------------------------------------------------------------------------------- Wayne Cnty., NY IDA RB, Seneca Foods Corp. Project, Series 1992, 2.46% 1 5,060,000 5,060,000 - ------------------------------------------------------------------------------------------- Westchester Cnty., NY GOUN, Series 1989, 6.70%, 11/1/08 465,000 475,305 -------------- 73,831,840 - ------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $73,831,840) 97.7% 73,831,840 - ------------------------------------------------------------------------------------------- Other Assets Net of Liabilities 2.3 1,719,006 ----------------------------- Net Assets 100.0% $ 75,550,846 =============================
Footnotes to Statement of Investments TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE BELOW: AAMC ABN AMRO Munitops Certificates COP Certificates of Participation CUNY City University of New York (The) DA Dormitory Authority ETET Eagle Tax-Exempt Trust FAU Finance Authority GOUN General Obligation Unlimited Nts. HAU Housing Authority HDC Housing Devel. Corp. HFA Housing Finance Agency/Authority IDA Industrial Devel. Agency IDAU Industrial Development Authority 2 | CENTENNIAL NEW YORK TAX EXEMPT TRUST Centennial New York Tax Exempt Trust STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited - -------------------------------------------------------------------------------- IDV Industrial Development MH Multifamily Housing MTAU Metropolitan Transportation Authority NYC New York City NYS New York State P-Floats Puttable Floating Option Tax Exempt Receipts PTTR Puttable Tax Exempt Receipts RB Revenue Bonds REF Refunding RRB Revenue Refunding Bonds SDI School District SPEARS Short Puttable Exempt Adjustable Receipts SWD Solid Waste Disposal TBTAU Triborough Bridge & Tunnel Authority TFA Transitional Finance Authority TWY Thruway/Tollway Authority/Agency UDC Urban Devel. Corp. WSS Water & Sewer System 1. Floating or variable rate obligation maturing in more than one year. The interest rate, which is based on specific, or an index of, market interest rates, is subject to change periodically and is the effective rate on March 31, 2008. This instrument has a demand feature which allows, on up to 30 days' notice, the recovery of principal at any time, or at specified intervals not exceeding one year. 2. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $25,505,000 or 33.76% of the Trust's net assets as of March 31, 2008. 3. Put obligation redeemable at full principal value on the date reported. 4. Illiquid security. The aggregate value of illiquid securities as of March 31, 2008 was $1,000,000, which represents 1.32% of the Trust's net assets. See accompanying Notes. 5. When-issued security or delayed delivery to be delivered and settled after March 31, 2008. See accompanying Notes. NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The net asset value of shares of the Trust is normally determined twice each day, at Noon Eastern time and at 4:00 P.M. Eastern time on each day the New York Stock Exchange (the "Exchange") is open for trading. Securities are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures approved by the Trust's Board of Trustees. SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Trust may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis. "When-issued" or "delayed delivery" refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Trust on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Trust's net asset value to the extent the Trust executes such transactions while remaining substantially fully invested. When the Trust engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Trust to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Trust maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The Trust may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of March 31, 2008, the Trust had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows: 3 | CENTENNIAL NEW YORK TAX EXEMPT TRUST Centennial New York Tax Exempt Trust STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited - --------------------------------------------------------------------------------
WHEN-ISSUED OR DELAYED DELIVERY BASIS TRANSACTIONS -------------------------------------------------------- Sold securities $800,000
CONCENTRATION RISK. There are certain risks arising from geographic concentration in any state. Certain economic, regulatory or political developments occurring in the state may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations. ILLIQUID SECURITIES As of March 31, 2008, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Trust will not invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments. RECENT ACCOUNTING PRONOUNCEMENT In September 2006, Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of March 31, 2008, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. 4 | CENTENNIAL NEW YORK TAX EXEMPT TRUST ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 03/31/2008, the registrant's principal executive officer and principal financial officer found the registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. (b) There have been no significant changes in the registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Exhibits attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Centennial New York Tax Exempt Trust By: /s/ John V. Murphy --------------------------- John V. Murphy Principal Executive Officer Date: 05/14/2008 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ John V. Murphy --------------------------- John V. Murphy Principal Executive Officer Date: 05/14/2008 By: /s/ Brian W. Wixted --------------------------- Brian W. Wixted Principal Financial Officer Date: 05/14/2008 EX-99.CERT 2 rq780_46608cert302.txt RQ780_46608CERT302.TXT Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, John V. Murphy, certify that: 1. I have reviewed this report on Form N-Q of Centennial New York Tax Exempt Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ John V. Murphy - --------------------------- John V. Murphy Principal Executive Officer Date: 05/14/2008 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, Brian W. Wixted, certify that: 1. I have reviewed this report on Form N-Q of Centennial New York Tax Exempt Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ Brian W. Wixted - --------------------------- Brian W. Wixted Principal Financial Officer Date: 05/14/2008 -----END PRIVACY-ENHANCED MESSAGE-----